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Benzinga
Benzinga
Business
Akanksha Bakshi

Jefferies Downgrades This Defense Contractor Citing Decelerating Growth

  • Jefferies analyst Sheila Kahyaoglu downgraded Northrop Grumman Corp (NYSE:NOC) to Hold from Buy with an unchanged price target of $410 (an upside of 3%).
  • Northrop Grumman was a top-performing defense stock and the analyst's top pick in 2021.
  • Kahyaoglu forecasts decelerating growth in the 3.4% compound annual growth range from 2022-2023 for Northrop Grumman with "limited opportunity for upside as a platform supplier with plateauing programs."
  • The analyst also sees "flattish" segment margins in 2022 and limited potential for incremental capital deployment, leaving Northrop Grumman lacking near-term catalysts.
  • Price Action: NOC shares are trading lower by 0.05% at $396.79 on the last check Wednesday.
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